Businesses may need CPAs’ help in protecting against and remedying tax-related identity theft.
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TOPICS / TAX
Business tax
Startup costs: Book vs. tax treatment
CPAs should understand how to handle startup and organization costs and, especially, how they are treated differently for book and tax purposes.
Why new tax return due date changes are important
This article examines why the tax return due date change was needed and what it means for practitioners.
PTO and constructive receipt
Paid-time-off plans can create problems with the timing of, and cross-year accounting for, payroll tax liabilities.
Property-related litigation costs held includible in home office deduction
The IRS failed to show that combating ‘running wild’ dogs, mold, and noise was exclusively a personal expense.
Crowdfunding and income taxes
See how to address this increasingly common source of income with tax clients.
Health reform prohibits most reimbursement plans
Transition relief continues through 2015 for S corporation 2% shareholder-employees, but stand-alone health reimbursement arrangements and employer payment plans can be subject to penalties.
Deducting tickets to sporting events
For an employer to claim a deduction, an employee must engage in a bona fide business transaction during the event on behalf of the employer and meet several other requirements.
Employment tax returns lag in e-filing
A low e-filing rate for employment tax returns in the Form 94x series is the biggest obstacle to achieving the goal of 80% electronic filing of all major types of tax returns.
How to help clients pick the best entity for their business
Clients may not know how a structuring their company can affect them down the road.
Temporary regulations end automatic extension for Forms W-2
In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.
Tax treatment of drug development company startup costs
Long lead times, high upfront expenses, and frequent business acquisitions and dissolutions make applying Sec. 195 a special concern for these companies.
Tax Court invalidates stock-based compensation rule in cost-sharing agreements
The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.
Emerging tax issues cause due-diligence problems
Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.
IRS: Corporations cannot circumvent gain on appreciated property using partnerships
The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.
Bright-line test determines substantial business activities under inversion rules
The bright-line test introduced in 2012 amended the existing rules that applied a facts-and-circumstances test.
No Sec. 199 deduction for these activities
The IRS Large Business & International (LB&I) Division issued guidance to its employees listing activities performed “at the retail level” that it said do not produce property that is “manufactured, produced, grown, or extracted,” as defined by Regs. Sec. 1.199-3(e).
Tax reform, lower rates among top legislative goals, Ryan tells AICPA
In a speech to the AICPA’s spring Council meeting, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system.
Rulings illustrate transactions that qualify as D reorganizations
The IRS issued revenue rulings on whether two transactions, one involving domestic entities and another involving both domestic and foreign entities, qualified as Section 351 exchanges followed by D reorganizations.
Proposed PFIC rules would define “active conduct” of an insurance business
Proposed rules would define when investment income earned by a foreign insurance company would not be considered passive income in the determination of whether the company is a passive foreign investment company (PFIC).
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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